Those $500.00 bills were only printed in 1928 & 1934 only. Depending on the condition and signature detremines its value, anywhere from $600.00 up to $45,000.00 if it has a * (star) after the serial number. Uncirculated condition is the bset. UNC
There was no $500.00 bills made in 1950. The last series was made in 1934. Federal reserved destroys them on receipt. So yours is not worth the paper it is printed on most likely.